2018 Ontario Economic Outlook and Fiscal Review

December 13, 2018 Published by

Personal Income Tax

The 2018 Ontario Budget had proposed adjustments to the tax rates, brackets, surtax and credits for Ontario Personal Income Taxes. These changes will not implemented.

Corporate Income Taxes

The 2018 Ontario Budget had proposed to parallel a Federal measure to phase out the $500,000 small business limit for corporations (and associated corporations) that earn between $50,000 and $150,000 of passive income in a taxation years. These changes apply to taxation years that begin after 2018.

Ontario will introduce legislation to ensure that the Province will not parallel the Federal rules. Small business as in Ontario will continue to receive the Ontario small business deduction.

Please do not hesitate to contact the accountants at Hogg, Shain & Scheck for tax and business planning questions you may have.